The Internal Revenue Service is closely watching the situation in Southern California and will soon issue specific guidance for victims of the wildfires.
In the meantime, if you own property damaged by fire in the presidential disaster area, you have a choice: You may claim uninsured or unreimbursed disaster losses by filing an amended 2006 tax return or you may wait and claim any losses on your 2007 return.
You can visit http://www.exeterco.com/income_tax_relief_for_victims_wild_fires.aspx for complete information and details.
Friday, October 26, 2007
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